Yes. You need a US bank account in a US bank. When you pull US dollars from your PP account you run into a US Treasury rule meant to prevent money laundering that has been in place since the turn of the millennium. Go to your local Royal Bank branch and ask about RBC Bank. They probably know it best as a choice for snowbirds. It is a US bank (not just a Canadian bank holding US dollars), owned by the Royal Bank of Canada. And when you bring your US dollars to Canada, you can either put them directly into your US dollar Canadian account or into you Cdn dollar Canadian account. Only one level of foreign exchange. You will also be able to get US dollar checks and a US dollar credit card. But do look at the fees carefully. DH set this up for his B&M store and auction house which dealt internationally. I set one up too, but found for my little home-based business, the fees were higher than occasionally paying exchange. You are also opening yourself to American IRS tax collection. Frankly, if you are not doing at least $250,000 annually in US dollars, it's probably not worth it. But if you are doing less, and also spend winters in Arizona, it can be very helpful. There is also TDNorth which works much the same, but the Royal Bank pushes the service more.
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